California State Personnel Board Meeting Notice and Agenda November 3, 2016

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Submitted Items Attachment 4 These items were taken under submission by the Board at a prior meeting. A. Items Scheduled for Action

1. CHIEF ACTUARY, PUBLIC EMPLOYEES’ RETIREMENT SYSTEM

CLASSIFICATION SPECIFICATION Proposal to revise the class specification to allow for broader recruitment. Taken under submission on October 6, 2016, and scheduled for hearing at the November 3, 2016, Board meeting.

B. Items to be Scheduled for Action at a Later Date

NONE

MEMORANDUM

DATE: N o v e m b e r 3, 2016

TO: F i v e - M e m b e r State Personnel Board

FROM: B r y a n Baldwin, Chief e a - Z L ,Personnel Management Division

SUBJECT: R E V I S I O N OF CHIEF ACTUARY, PUBLIC EMPLOYEES' RETIREMENTSYSTEM CLASSIFICATION SPECIFICATION

SUMMARY:

The California Department of Human Resources (CaIHR), on behalf of the CaliforniaPublic Employees' Retirement System (CalPERS), proposed a minor revision to theChief Actuary classification specification at the October 6, 2016, State Personnel Boardmeeting. The item was rescheduled for the November 3, 2016 meeting. Following theOctober 6 meeting, CaIHR worked with CalPERS to clarify the proposed minimumqualification language,

The CalPERS Actuarial Office (ACTO) provides actuarial services to state, school,and public agency employers regarding pension plans for over 1.8 million members.These actuarial services include the costing of proposed legislation, contracting agencybenefit changes and mergers, the annual recalculation of employer contribution rates forpensions, and audits of contracting public agencies. The ACTO also prepares separateactuarial valuations for the state, school employers, and each contracting public agencyevery year. The valuations are based on adopted benefits, actuarial methods andassumptions set by the CalPERS Board of Administration; and membership andfinancial data for each plan.

The Chief Actuary is appointed to this single-incumbent, statutory position and servesas a key member of the CalPERS Executive Management team, the incumbentprovides guidance on all actuarial issues facing CalPERS, including actuarialinvestigations and valuations, rate structure, health benefits and reserve funds. TheChief Actuary promotes the sound and secure operation of CalPERS enterprisesthrough the oversight of all functions within the ACTO, and is responsible for theevaluation, development, and implementation of actuarial policies and procedures.

Governor Edmund G. Brown Jr. / / Secretaty, Government Operations Agency Ma ryber BatjerDirector Richard Gillihan

1515 5 Street, North Building, Suite 500, Sacramento CA 95811 www.caihr.ca.gov

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